31 de marzo de 2015 / 11:44 / en 3 años

SOFTS-Sugar hits lowest since 2009, thin trade in new cocoa contracts

* New CME cocoa contract sees 28 lots early

* New ICE cocoa contract trades for first time on day two

By David Brough

LONDON, March 31 (Reuters) - Raw sugar on ICE fell to the lowest level in more than six years on Tuesday, on speculative selling, while cocoa traded around seven-week lows, weighed by favourable weather before the start of West African mid crops.

Activity in the second day of trading of two new euro-based cocoa contracts was again quiet.

Arabica coffee futures steadied, pressured by a stronger dollar against a basket of currencies, consolidating after a four percent fall on chart-based pressure in the prior session.

Raw sugar futures on ICE remained below 12 cents and fell to 11.91 cents a lb in early trading, the lowest level since January 2009, and later gained a little ground to trade flat at 11.99 cents a lb.

“It’s speculator selling. The specs have got the market on the run,” a senior trader said.

He said that prices were too low to entice offers of Indian raw sugar exports on the market.

May white sugar traded up $0.80, or 0.2 percent, at $358.30 a tonne.

Cocoa dealers said favourable weather in West African growing regions augured well for mid crops, weighing on prices.

New York May cocoa was down $1, or 0.04 percent, at $2,694 a tonne in volume of 3,451 lots.

London May cocoa was down 7 pounds, or 0.4 percent, at 1,896 pounds a tonne in volume of 1,794 lots.

In the new CME and ICE euro-based cocoa contracts, which launched on Monday, trade of the first 15 lots opened in the ICE contract <0#ECC:> on Tuesday after zero trades the previous day.

In the new CME contract <0#1CCP:>, 28 lots traded on Tuesday, after trading volumes of 240 lots on Monday.

“So far it’s 1-0 to the CME, but there is a long way to go,” one London-based cocoa futures dealer said.

“CME has to maintain that (Monday‘s) volume. It’s struggling already.”

May arabica was up 0.2 cents, or 0.15 percent, at $1.3255 per lb.

May robusta coffee traded down $12, or 0.7 percent, at $1,710 a tonne. (Editing by William Hardy)

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